Community Corner
Montgomery County House Prices Higher Than NYC's
How high can prices go in Potomac and other Washington, DC, suburbs in Maryland?
Median house sale prices in Washington, DC, rose 0.4 percent in December, according to data from January 2013 cited in a recent Washington Business Journal article. The data, from the Zillow website, shows a median sales price of $327,100 for DC—sixth in the nation.
The top five are:
- San Jose, CA: $639,500
- San Francisco, CA: $538,000
- Los Angeles, CA: $421,800
- San Diego, CA: $381,900
- New York, NY: $346,100
Montgomery County, by comparison, would take the fifth-place position from New York City, with a median sales price of $379,500, a 4.9 percent year-over-year increase.
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The cheapest housing market? Detroit, MI, with a median sales price of just $82,600.
The International Business Times, citing data from the Standard & Poor/Case-Shiller index, reports that housing prices rose over 7 percent last year, yet are still below the figures from 2003.
Find out what's happening in Potomacwith free, real-time updates from Patch.
The article pegs the increase to the easing of foreclosures and falling mortgage rates. The article also cites National Association of Realtors data indicating a national median home price of $173,600, up 12.3 percent from last year.
